Oil prices fell on Monday as the Suez Canal blockade is getting closer to a resolution and as global Covid-19 infections rose for a fifth consecutive week.
Oil prices rose on Friday as the market re-evaluated the importance and consequences of the Suez Canal blockade and the effect of a prolonged bottleneck.
Oil prices rose on Wednesday due to a blockage at the Suez Canal, which prevents normal traffic of oil tankers. Positive data in European purchasing manager indices also help, but concerns that heavy lockdowns in Europe will affect the demand recovery still keep prices lower than few weeks ago.
Oil prices started the week largely flat due to renewed lockdowns in Europe but, after last week’s painful correction, levels are now more sustainable.
Oil prices fell further on Thursday as a result of continuing doubts over the AstraZeneca vaccine and a rise in US crude inventories.
Oil prices are declining today as the market fears crude stock levels in the US could rise again and as the speed of the global oil demand recovery is under threat amid Covid-19 vaccination campaign setbacks.
Oil prices kept their healthy levels on Friday as the market is realising that supply is getting tighter compared to the recovering demand, with the first indications evident on Saudi deliveries.
Oil prices continue to rise as the previous day’s OPEC+ meeting paved the way for stock draws and surprised the market.
Oil prices stated the day with optimism after several days of trimming February gains, as markets hope for positive news from this month’s coming OPEC+ meeting.